The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1887-08-20

much more was ut stake; and he didn't
remain long enough to say what
he was thinking about. He shot of
at once-1 now know-for the house
of William Walter Phelps.
Mr.. Orion was in great trouble on
his return to New York. The syndi-
cate was based on the employment of
the Vice President as editor as short
jump for the Tribune back to the Re-
publican leadership, without which
position its future was iaborious and
uncertain. OIton could not carry the
paper alone; the syndicate might not
wish to. lie met Jay Gould, and
told him of his troubles. "Don't
bother about your syndicate: I'll take
the whole of the STOCK" was Gould's
reassuring reply. Aud thus it happen
ed that when William Walter Phelps,
with all the needfrl money in hand to
buy, and Whitelaw Reid, with every
confidence in the future of the paper
necessary 10 run it as s'founded by
Horace Greeley" on the same day
offered to buy the syndicate interest,
Nj. Orion was compelled to refer them
to Jay Gould as the owner. To Gould
they went without hesitation, and
rendered him an offer, which Gould
accepted on condition that Mr.. Orton
should be paid share or its equiva-
lent ($lO,OO0) for his trouble in the
matter. The bargain was closed at
once, Phelps furnishing what money
was necessary. A proxy Was given
Reid to vote ON the stock of the SYM
dictate, and at the meeting which fol-
loved Sinclair was voted out, and the
Trib0ue was saved. John Cleveland,
the two Greeley girls, Reid. Ripley,
Taylor, John Hay and the Ames estate
no longer wanted their money, but
desired to hold their stock as before
the sale, so that Mr.. Phelps in the
end did not have to supply the half
million dollars, he was willing to risk,
but it is to his credit as friend, and
illustrates his nerve as financier, that
he didn't hesitate moment to put up
all that was necessary to save the
Tribune when Reid pointed out the
situation to him.
William Walter Phelps succeeded
his father as Director in the Second
National Bank, the one under the
Fifth Avenue Hotel, which its presi-
dent, John G. Emo, robbed of SO, 800 900.
Phelps owned one-tenth of the stock
OF $500, ,O00, 900, for which, of course, he
was legally liable, and one.third of the
earned surplus which had been squnn-
dered. The Directors had to make
good 5000, 900 of this loss-that is to
say, $4,000 each-one-tdird money
invested, the other two-thirds money
earned. Mr.. Amos r. Emo, father of
John G. Eno, was not legally RESPONSE
BILE for the rest OF his sons immense
defalcation, but Phelps, the youngest
man of the Board, went to Mr.. Emo,
who was the oldest, with the PROPOSE
tion that he (Euo) make good the
balance and save the bank. He ap-
pealed to him by every consideration
of justice, moral obligation, family
pride and financial honor. Mr.. Emo
for Il time stood upon his legal rights,
as responsible only for the amount
which the other directors would have
to pay, but Phelps finally got him to a
meeting where the 100000 was at
once made up, to be paid in next day.
"And now," said Phelps, returning to
his original proposition, "NIr. Emo,
what shall we do about paying the
rest of the deficiency? will bear $780,
900 OF that loss" And before he mad
quit he got Others to agree to take
shares Of this loss, and finally old Mr..
Emo promised TO pay the remainder.
The next day the old man and the
young man went to the bank, the one
with $500, 200, the other with 81 ,OOO, 900
in cash and securities. The bank ex-
aminers asked in surprise what it
meant. "a million to-day" said the
old man, proudly, "and million a
day for Il fortnight ii necessary" One
more obstacle at that moment pre-
scnted itself. A dispatch Came from
the Clearing House stating that the
defaulting president who had not yet
fled, has just cashed check for 800, 900.
The old man hesitated. How far
might this go? How many more
sach checks might be out: The bank
examiner, on Mr.. Eno's hesitating,
said he must close the bank. "No,
no." exclaimed Phelps, 'spay the
check. Come, Mr.. Emo, we must
make one more effort. I'll take one
half this risk with you"
They silently clasped hands-the
Old man weeping, the young man
smiling-and the second National
Bank, in the face of a S3,9oO,O00 de-
falcation, never closed its doors an in
stant.
These are two instances of great ser
vices William Phelps has rendered,
and two Illustrations of his nerve. l
think they are worth the telling even
at this late day and great length.
confess to great admiration for
a thick and thin friend. like Phelps